Scope and Application
- Applies specifically to the assessment and collection of duty on imports and other relevant financial transactions requiring currency valuation.
- The values published are used as the basis for converting foreign currency amounts into the Philippine peso equivalent for official and legal purposes.
Listed Foreign Currencies and Their Values
- Detailed list of foreign currency units published with their corresponding values in Philippine pesos.
- Each foreign currency’s peso value is paired with an equivalent value in U.S. currency for further reference.
- Countries and currencies included: Argentina (Peso), Australia (Pound), Belgium (Franc), Brazil (Cruzeiro), Canada (Dollar), Colombia (Peso), Czechoslovakia (Koruna), Denmark (Krone), England (Pound Sterling), France (Franc), India (British Rupee), Italy (Lira), Mexico (Peso), Netherlands (Guilder), Newfoundland (Dollar), New Zealand (Pound), Norway (Krone), Portugal (Escudo), Spain (Peseta), Sweden (Krona), Switzerland (Franc), Union of South Africa (Pound), and Uruguay (Peso).
Legal Effect and Implementation
- The promulgated values are officially binding for customs and financial assessments requiring foreign currency conversion.
- The proclamation is signed and sealed by the President of the Philippines, giving it full legal effect.
- The date of effectivity is October 30, 1946, concurrent with the first year of Philippine independence.
Administrative Procedural Aspect
- The process involves the President acting upon recommendations from the Department of Finance.
- Publication of these exchange rates reflects the government’s administrative authority to regulate customs duties.
Signatories and Formality
- Signed by President Manuel Roxas, affirming executive approval.
- Co-signed by Emilio Abello, Chief of the Executive Office.
- Official seal of the Republic of the Philippines affixed, signifying authenticity and official status.